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  • $USDCAD is weaker in the aftermath of OPEC+'s decision to hold output steady, falling to trade back around the 1.2600 level. The pair fell to its lowest level in nearly three years during last week's volatility, rebounded to a high of 1.2730, and has then edged lower. $USD $CAD https://t.co/QBVe8X5nVO
  • Russia reportedly has been given an exemption from OPEC+ supply deal - Delegates
  • The Canadian Dollar is surging alongside the rise in oil prices following OPEC+'s decision to hold output steady. $CADJPY has risen above 85.00 to trade at its highest levels since late 2018. $CAD $JPY https://t.co/YzikqjWyvT
  • $WTI Crude Oil is extending its gains, rising above 64.00 to trade at its highest levels in over a year. $OIL $USO https://t.co/7aFsMmJd7x
  • OPEC+ decides not to hike output by 500kbpd in April - Delegate Oil prices at highs of the day https://t.co/UBAtzuEs0b
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.29% 🇨🇦CAD: 0.29% 🇦🇺AUD: 0.21% 🇪🇺EUR: -0.26% 🇯🇵JPY: -0.53% 🇨🇭CHF: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/dULwFuQVcF
  • OPEC+ is close to keeping output unchanged in April - Delegates #OOTT
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.09% US 500: 0.04% France 40: 0.04% FTSE 100: -0.13% Germany 30: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/raVqHjfXWM
  • RT @Amena__Bakr: Saudi Arabia is proposing a rollover for April and May- delegates #OOTT #opec
  • BUZZ starts trading today. An ETF that invests in larger market cap companies with the strongest positive sentiment in social media. That's where we are now
Asian Stocks Lower As Fed Stays On Rate Hike Path, Trade Eyed

Asian Stocks Lower As Fed Stays On Rate Hike Path, Trade Eyed

David Cottle, Analyst

Asian Stocks Talking Points:

  • Asia Pacific stocks were broadly lower Friday
  • The Federal Reserve remained on a monetary policy path of gradual tightening
  • The US Dollar got a modest lift

Find out what retail foreign exchange investors make of your favorite currency’s chances right now at the DailyFX Sentiment Page

Asian stocks were lower across all the major bourses Friday, with investors reportedly worried that, with the US Midterm elections out of the way, the Trump White House will feel able to be more assertive again in its trade disputes with China.

The US Federal Reserve left interest rates alone, as expected. However, it also left the door to further rises wide open, and the markets still think it highly likely that a fourth rise this year will be seen in December. This could lead to more pressure on emerging market economies saddled with high Dollar debt.

The Nikkei 225 was down 0.9% in the middle of the Tokyo afternoon, with Australia’s ASX 200 down 0.4%. The Australian benchmark has bounced quite convincingly from October’s 2018 lows although its latest run higher has yet to convincingly top its most recent significant peak.

Creeping Higher: ASX 200 Index, Daily Chart

Chinese stocks were harder hit, with the Shanghai Composite down 1.2% and the Hang Seng off by more than 2%.The US Dollar was buoyed up initially by the Fed’s tone, with USD/JPY near five-week highs. However, the greenback slipped back a little as the session went on. The Reserve Bank of Australia’s monetary policy statement found central bankers perhaps a little more confident about economic growth despite inflation’s stubborn refusal to pick up.

Crude oil prices were lower as worries about market oversupply met concerns about a slowing global economy. Gold prices were lower, losing out to that stronger Dollar

There’s a British flavor to the day’s remaining economic data with official trade data due from the UK along with manufacturing and industrial production numbers. The US gets a look-in too though, with the University of Michigan’s consumer sentiment roundup on the slate, along with producer price index figures.

Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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